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10 Things You Should Know About Long-Term Care

Updated January 2015

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As the population ages, more and more of us will require long-term care for our families and ourselves. The numbers are astounding. By 2050, there will be 80 million Americans 65 and older -- twice as many as today. But many people are confused about what long-term care entails and who pays for it. Take our quiz to see how much you know about long-term care and how you can prepare for what could be one of the biggest expenses of your life.

Quiz | 10 Things You Should Know About Long-Term Care

Question 1 of 10

Which of the following best defines long-term care services:

Quiz | 10 Things You Should Know About Long-Term Care

Question 1 of 10

Which of the following best defines long-term care services:

Long-term care is needed when you have a chronic illness or disability that causes you to need assistance with "activities of daily living" -- such as bathing, dressing, eating and transferring from a bed to a chair -- as a result of physical disability or cognitive impairment resulting from conditi... Read more ˅

Long-term care is needed when you have a chronic illness or disability that causes you to need assistance with "activities of daily living" -- such as bathing, dressing, eating and transferring from a bed to a chair -- as a result of physical disability or cognitive impairment resulting from conditions such as Alzheimer's Disease. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 2 of 10

What are the odds that a person 65 or older will need long-term care?

Quiz | 10 Things You Should Know About Long-Term Care

Question 2 of 10

What are the odds that a person 65 or older will need long-term care?

On average, about 70% of individuals over age 65 will require at least some type of long-term-care services during their lifetime. About 35% of them will need care in a nursing home. Although most people who need long-term care are older, a person can require care at any age as the result of an acci... Read more ˅

On average, about 70% of individuals over age 65 will require at least some type of long-term-care services during their lifetime. About 35% of them will need care in a nursing home. Although most people who need long-term care are older, a person can require care at any age as the result of an accident or lifelong disability. In fact, 40% of people currently receiving long-term care are adults 18 to 64 years old. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 3 of 10

What is the average cost of one year in a nursing home? (Hint: It's expensive.)

Quiz | 10 Things You Should Know About Long-Term Care

Question 3 of 10

What is the average cost of one year in a nursing home? (Hint: It's expensive.)

According to Genworth's Cost of Care Survey, the national median cost of a private room in a nursing home in 2014 was more than $87,600, which is a 4.35% increase from 2013. And prices vary by region: In Louisiana, the median rate is about $59,000 a year; in New York, it's more than $130,000.

Quiz | 10 Things You Should Know About Long-Term Care

Question 4 of 10

What is the national median cost of one year in an assisted-living facility, which provides an intermediate level of long-term care?

Quiz | 10 Things You Should Know About Long-Term Care

Question 4 of 10

What is the national median cost of one year in an assisted-living facility, which provides an intermediate level of long-term care?

In 2014, the national median cost of assisted living was $42,000 a year. Rates range considerably across the U.S. The median rate is $30,000 in Missouri but more than $65,000 in New Jersey. Assisted living bridges the gap between home care and nursing homes. Residents may need help with personal car... Read more ˅

In 2014, the national median cost of assisted living was $42,000 a year. Rates range considerably across the U.S. The median rate is $30,000 in Missouri but more than $65,000 in New Jersey. Assisted living bridges the gap between home care and nursing homes. Residents may need help with personal care or household chores, but they don't need round-the-clock care normally provided in nursing homes. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 5 of 10

Medicare won't pay for long-term-care services.

Quiz | 10 Things You Should Know About Long-Term Care

Question 5 of 10

Medicare won't pay for long-term-care services.

Medicare, the federal health-care program for people 65 and older, covers medically necessary care in short-term settings such as a hospital or doctor's office. And while Medicare will help pay for limited stays in nursing facilities, hospice care or home health care under certain circumstances, it ... Read more ˅

Medicare, the federal health-care program for people 65 and older, covers medically necessary care in short-term settings such as a hospital or doctor's office. And while Medicare will help pay for limited stays in nursing facilities, hospice care or home health care under certain circumstances, it doesn't cover personal or custodial care, which constitutes the bulk of long-term-care services. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 6 of 10

Anyone who needs nursing-home care can qualify for Medicaid to pay their bills.

Quiz | 10 Things You Should Know About Long-Term Care

Question 6 of 10

Anyone who needs nursing-home care can qualify for Medicaid to pay their bills.

Although Medicaid, the joint federal/state health-care program for the poor, pays the bulk of long-term-care costs, there are strict income-eligibility rules. Rules vary from state to state, but generally individuals must spend down most of their assets to their last $2,000 to qualify for Medicaid-p... Read more ˅

Although Medicaid, the joint federal/state health-care program for the poor, pays the bulk of long-term-care costs, there are strict income-eligibility rules. Rules vary from state to state, but generally individuals must spend down most of their assets to their last $2,000 to qualify for Medicaid-paid long-term care. Married couples have different eligibility requirements. The healthy spouse can retain the family home, car, personal income and half the couple's assets up to certain limits. Most states, though, now offer a long-term-care partnership program that allows you to protect more of your assets if you exhaust the benefits of your long-term-care policy and need Medicaid to take over your bills. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 7 of 10

How long can Medicaid "look back" over your financial records to determine if you gave away money that would disqualify you from receiving government-financed long-term care for a period of time?

Quiz | 10 Things You Should Know About Long-Term Care

Question 7 of 10

How long can Medicaid "look back" over your financial records to determine if you gave away money that would disqualify you from receiving government-financed long-term care for a period of time?

Stricter, new rules make it harder to give away your assets so you look poor enough on paper to qualify for Medicaid. The government can review all your financial transactions for the prior five years. If you gave away any money during that time, you would be denied Medicaid coverage for a period of... Read more ˅

Stricter, new rules make it harder to give away your assets so you look poor enough on paper to qualify for Medicaid. The government can review all your financial transactions for the prior five years. If you gave away any money during that time, you would be denied Medicaid coverage for a period of time. The penalty period, which begins the day you apply for Medicaid, is based on how much money you gave away divided by the average cost of a nursing home in your area. You may have to turn to your family for help paying your bills. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 8 of 10

People buy long-term-care insurance to:

Quiz | 10 Things You Should Know About Long-Term Care

Question 8 of 10

People buy long-term-care insurance to:

Although insurance can protect you from the enormous expense of long-term care, it also allows you to choose where you receive care -- in your own home, in an assisted-living facility or in a nursing home. Most people prefer to stay in their home if possible. Long-term-care insurance premiums can be... Read more ˅

Although insurance can protect you from the enormous expense of long-term care, it also allows you to choose where you receive care -- in your own home, in an assisted-living facility or in a nursing home. Most people prefer to stay in their home if possible. Long-term-care insurance premiums can be expensive, but they pale in comparison to the actual cost of care and can preserve a legacy for your heirs that otherwise would go to paying for your care. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 9 of 10

Long-term-care insurance premiums are based on:

Quiz | 10 Things You Should Know About Long-Term Care

Question 9 of 10

Long-term-care insurance premiums are based on:

Long-term-care insurance premiums are based on several factors including your age when you buy a policy, how long the policy lasts, how soon your coverage begins, how much the policy pays per day and whether your daily benefit will increase to keep pace with inflation. The younger you are when you b... Read more ˅

Long-term-care insurance premiums are based on several factors including your age when you buy a policy, how long the policy lasts, how soon your coverage begins, how much the policy pays per day and whether your daily benefit will increase to keep pace with inflation. The younger you are when you buy the policy, the less expensive it will be. Of course, you may be paying premiums for a much longer period of time. Your gender can also affect your rate: Most insurers now charge women more than men. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Question 10 of 10

You can trim the cost of long-term-care insurance by:

Quiz | 10 Things You Should Know About Long-Term Care

Question 10 of 10

You can trim the cost of long-term-care insurance by:

A policy covering three to five years is adequate for most people and much cheaper than lifetime benefits. If you are willing to share some of the costs of your care if you need it, you can cut the cost of your policy by increasing the elimination period before benefits begin or reducing the daily b... Read more ˅

A policy covering three to five years is adequate for most people and much cheaper than lifetime benefits. If you are willing to share some of the costs of your care if you need it, you can cut the cost of your policy by increasing the elimination period before benefits begin or reducing the daily benefit. The one area where you don't want to skimp is inflation protection. Because you might not need this insurance for 20 years or more, you want to make sure your daily benefit keeps pace with rising costs. Less ˄

Quiz | 10 Things You Should Know About Long-Term Care

Results

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